25 Apr 2024 14:53

UMMC shareholders buy Trust's stake in UWC, now own about 96%

MOSCOW. April 25 (Interfax) - Shareholders of the Ural Mining and Metallurgical Company (UMMC) purchased Trust Bank's a stake in the non-core assets of the United Wagon Company Research and Production Corporation (UWC), businessman Andrei Bokarev told reporters on the sidelines of the Congress of the Russian Union of Industrialists and Entrepreneurs on Thursday.

"UWC has private shareholders, and I am one of them," Bokarev said, in answer to the question as to whether divisions of UMMC are UWC shareholders. "UMMC shareholders bought it, but not from UMMC; these are private stakes."

Four people acquired a share in equal parts, he said. "All of them have the same percentage [of shares]," the businessman explained. "As a result, about 96% [of shares] were purchased," he said.

The deal closed in December 2023, Bokarev said.

As reported, in December last year, Trust sold its stake in UWC to a specialized investor, Alexander Sokolov, chairman of the board of the bank, said in an interview with RBC. This was a direct sale without an announced auction, which the Trust usually conducts when selling assets, he said.

"We also left UWC, as we had planned, by the end of the year. The deal is a direct one. We sold the rights to claim the loans and our 93.6% stake in the shares, which was formed as a result of an additional issue. The deal is closed, and the money has arrived. I will not disclose the details. "At the same time as we prepared for the sale, we carried out financial recovery through the conversion of part of the debt into capital. Now the company has an acceptable credit burden level, the recovery process has been completed, and we will reserve the rights of claim against the defaulted UWC Finance," Sokolov said.

The buyers were not disclosed at that time.

UMMC is one of Russia's largest producers of copper, zinc, coal and precious metals. UMMC stated in March 2022 that Iskandar Makhmudov and Andrey Bokarev had ceased to be the controlling beneficiaries of the company. Information from the annual report at the end of 2022 said that 85% of the charter capital of UMMC belonged to JSC Business Globus Company (Moscow). Later, information about the owners of the company was not disclosed.

United Carriage Company is Russia's largest manufacturer of high-capacity freight rolling stock. The company's assets include the Tikhvin Freight Car Building Plant, Russia's largest manufacturer of springs, the Pruzhina Scientific and Production Center, the Rail 1520 leasing company, the Titran-Express repair plant, as well as a research and development center for transport technologies.